<![CDATA[The purpose of this study was to examine the influence of personality factors, such as impulsivity, and social factors, such as social ranking and need for social approval, affect influenced investment behavior, with self-efficacy as a mediator, among Generation Z cryptocurrency retail investors in Indonesia. This study used a quantitative approach, distributing questionnaires through purposive sampling to 320 respondents. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) in SmartPLS. The results showed that impulsivity, social ranking, and need for social approval had a significant and positive effects on influenced investment behavior, while social ranking also had a significant and positive effect on self-efficacy. However, impulsivity and the need for social approval did not have a significant effect on self-efficacy, and self-efficacy also had no significant effects on influenced investment behavior; therefore, it did not mediate. These findings indicate that, for real-time, speculative, and highly uncertain digital-based cryptocurrencies, Generation Z retail investors’ investment decisions are more influenced by impulsivity and social factors, such as social ranking and the need for social approval, than by internal controls and capabilities, such as self-efficacy. This research contributes to the development of investment behavior by emphasizing the role of personality and social factors in high-risk assets, such as cryptocurrencies.]]>
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